SolarCity inks deal with Wal-Mart; shares surge

California-based SolarCity will install solar projects for Wal-Mart in up to 36 states

Shares of SolarCity Corp. soared Friday morning after the company said it would provide Wal-Mart with solar power.

The San Mateo, Calif.-based company’s stock rose as high as $56.94 a share, up 6% from Thursday's close.

The solar power producer said it inked a four-year deal to install solar power projects for Wal-Mart at facilities in up to 36 states.  

Wal-Mart and SolarCity have teamed up before.  The Bay Area firm said it has installed more than 200 solar projects at Wal-Mart locations since 2010.

In mid-morning trading, SolarCity’s stock fell back slightly from its high.  Shares were up $2.05, or 3.82% to $55.68.

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